
NPS subscribers who have registered on or after 1 July 2014 have to give a mandatory FATCA declaration online or offline. FATCA refers to Foreign Account Tax Compliance Act. It is a US initiative which has also been entered into by Indian government. Under this agreement, the Indian government needs to give details of all US citizens holding prescribed securities and assets in India. Why FATCA is important? FATCA is of vital importance because it was previously communicated that non-submission of this self-declaration will result in blocking of NPS account.SEE DETAILS